thecryptobasic.com
Veteran trader Peter Brandt has sparked another round of debate in the crypto community with his Bitcoin Banana chart post.
Notably, the Banana chart has been Brandt’s long-standing Bitcoin outlook. With the prediction seemingly underway, he took to X to taunt “rookie chartists” who argued the correctness of his analysis when he first shared the chart.
Brandt Suggests Bitcoin Breakdown
For context, Brandt shared that Bitcoin has broken down a curved trendline. This happened in October, with BTC eventually ending the month down 3.6%. Since then, the cryptocurrency has been on a downtrend.
Brandt’s chart likens this to a banana peeling open. Typically, what follows this is a price correction, a trend that the veteran trader has persistently predicted.
However, not everyone agrees with this sentiment. According to Brandt, several inexperienced traders have labeled his curved trendline as false and replaced it with a straight line. Their view is that the November lows of $80,620 were merely a higher low formation at a support trendline.
Meanwhile, Brandt has remained unmoved. “What say you? Curved or straight?” he inquired amid the persisting price correction. The market veteran anticipated a backlash to his post. As a result, he added that it was time for rookies to show charts “with a line improperly connecting two low points.”
Trendlines are Garbage
Furthermore, Brandt highlighted in a follow-up tweet that trendlines are “garbage.” He reiterated his enduring belief that relying solely on trendlines to take trades is wrong, calling it the least reliable technical indicator.
Instead, he sees trends, levels, and signals (TLS) as better indicators. While he did not entirely consent to its use, he noted that he would honor that rather than using trendlines.
Could Bitcoin Consolidation Continue?
Notably, Brandt has continued to forecast lower Bitcoin prices. A few days back, he highlighted that BTC has broken down from a parabolic construct. Historically, each breakdown usually precedes a steep price correction.
But how low can Bitcoin go? According to Brandt, it could drop to $27,000. He made this prediction earlier in the year, highlighting that a similar pattern that steered the 2021 price crash has just repeated.
Notably, this target closely aligns with a projection from Bloomberg’s expert Mike McGlone, who predicted that the crypto leader could drop to $30,000 per coin.
However, some analysts argue that Bitcoin would not drop that steeply. Market technician EGRAG Crypto is predicting a wave 2 explosion similar to that seen in 2019. His target for this surge is a new all-time high of $173,000.